New year price boost for home owners

Land Registry figures show house prices in the area increased by two per cent in January – contributing to the longer-term trend, which has seen values increase by 9.1% annually.

The average South Tyneside house price rose to £150,733, with the increase on December slightly better than the North East average increase of 1.7%, and well above the 0.4% for the UK as a whole.

Over the last year, the average sale price of property in South Tyneside increased by £13,000.

Owners of flats saw the biggest improvement in prices in January. They increased by 2.3%, to an average of £87,848 – up 6.2% over the year.

The value of a detached home rose by 1.4% monthly – up 13.5% annually to an average of £287,764.

Semi-detached house prices were up by 2% monthly – and 9.4% annually to £168,093 on average.

The value of a terraced home also rose by 2% over the month to an average of £132,172 – up 8.6% annually.

First-time buyers in South Tyneside spent an average of £134,000 on their property – £11,000 more than a year ago, and £19,000 more than in January 2017.

Buyers paid roughly the same for a home as the average price in the North East – £151,000.

The best annual growth in the region was in Hartlepool, where property prices increased on average by 12.6% to an average of £130,000.

The most expensive properties in the North East in January were in Newcastle – at £186,000 on average.